Friday, Feb 15, 2008

Contagion effect on Auction-rate securities

NY Times: A Crisis of Faith

Good article on Auction-rate securities failure that happened earlier this week.

"The Port Authority, which had a failed auction last week, just saw the interest rate it pays leap from 4.3 percent to 20 percent."

"I like to think of what’s happening as a sort of minor-key reprise of the banking crisis that swept America in 1930 and 1931. Frustrated investors who can’t get their money out of auction-rate securities aren’t as photogenic as angry mobs milling outside closed banks, but the principle is the same."

Posted by happyrenterz @ 05:29 PM (262 views) Add Comment

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